10/02/2024 | Press release | Distributed by Public on 10/02/2024 10:54
Cybersecurity is not just a focus for one month-it's a lifelong commitment. That said, Cybersecurity Awareness Month, now in its 21st year, provides a timely opportunity to review your security posture and make crucial improvements to protect your business from today's evolving threats.
In this article we explore four major cybersecurity challenges organizations face in 2024 and offer practical guidance to help address them.
Our State of Ransomware 2024 survey revealed that 59% of organizations were hit by ransomware in the last year. While overall attack rates have declined (down from 66% in 2023), the impact on victims has worsened with the average recovery cost soaring to $2.73M (a 50% year-on-year increase). Practical steps to avoid being hit in the year ahead include:
Prevention
Protection
Detection and response
Planning and preparation
For deeper insights into how ransomware experiences have changed over the last year and to get guidance on optimizing your ransomware defenses, download our Cybersecurity Best Practices Toolkit.
Our ransomware survey also revealed that unpatched vulnerabilities were the top root cause of attacks in 2024. Furthermore, our research revealed that ransomware attacks that start with an exploited vulnerability result in recovery costs 4X higher than when the root cause is compromised credentials, plus longer recovery times. To minimize use of this entry method, we recommend that you:
Patch early, patch often
We've already touched on this but the earlier you patch your endpoints, servers, mobile devices, and applications, the fewer holes adversaries can exploit. At a minimum, ensure the operating system patches and updates for your security products are applied. Not applying patches and updates can leave an endpoint or server vulnerable to attack.
If you are struggling to stay on top of patching, consider using a managed risk service that provides risk-based patching prioritization so you can focus your limited resources where they will have most impact.
Security tool misconfigurations, such as those involving endpoint or firewall solutions, are considered the top cybersecurity risk to organizations. This prominent concern underscores the ongoing challenges IT teams face in maintaining the proper configuration and deployment of security controls. We recommend that you:
Regularly review the configuration of your protection solutions
Additionally, seek out user-friendly cybersecurity solutions that offer automatic configuration and require little to no manual adjustment. By doing so, you stand to reduce the chance of misconfiguration occurring.
For further insights on optimizing both your endpoint protection and network security to minimize this cyber risk, download our Cybersecurity Best Practices Toolkit.
The global shortage of cybersecurity skills is well known and well documented. It's also not going away any time soon. While organizations of all sizes are affected, small and mid-sized businesses (SMBs) are hit hardest by the cybersecurity skills gap, lacking the expertise and resources required to defend against today's advanced threats. Our research shows SMBs rank this as their #2 cyber risk, while larger organizations place it at #7*. To address this, we recommend:
Partner with third-party security specialists
Outsourcing to experts is a cost-effective way to enhance security. Managed detection and response (MDR) services provide 24/7 threat detection and response, while managed service providers (MSPs) help both small and growing businesses.
Choose solutions built for smaller businesses
While appealing, enterprise-level tools often don't suit SMB needs. Instead, opt for advanced yet user-friendly security solutions tailored for stretched real-world IT teams. One such example would be a cybersecurity platform - a centralized tool that lets you deploy, monitor, and manage multiple security solutions (endpoint, firewall, email etc.) from one place.
We've put together a Cybersecurity Best Practices Toolkit packed with useful resources to help you stay ahead of the criminals.
The toolkit will enable you to:
Armed with these insights, you'll be better equipped to defend your business against today's advanced cyber threats.
We hope you find this information and these resources and useful. Remember: cybersecurity awareness isn't just for this month - it's for life.
*Addressing the cybersecurity skills shortage in SMBs - Sophos